The $1 billion University of Illinois Foundation has allocated $100 million to Grosvenor Capital Management as part of its custom fund of hedge funds mandate. The move brings the foundation to its 10% target for hedge funds.

The foundation’s nascent private equity program, which it launched a year ago, is ramping up and is starting to get capital calls for direct commitments from cash starved p.e. firms, according to sources familiar with the foundation’s alternative investment program. It currently has some $18 million allocated to 10 to 15 managers, and is targeting a 10% allocation of its total portfolio to p.e. mandates.

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